Sale of inherited land between siblings

Father passed away 9-22-2012. He had no will. Mother quick claimed her interest to the 4 siblings in 2015. The land mkt value on TN property data website shows $13,300. On 3-28-2016 the land was sold and one half of the proceeds went to our father's brother and the other half was split between myself and my 3 siblings. We each made $6062.50. When I enter the market value and the amount I made from the sale, it shows a loss. Just want to make sure we are entering this correctly.

Sale of inherited land between siblings

When you report your basis in the property, you will not report the full amount.

The basis of the total property is $13,300. The basis in your "portion" of the property is 1/8 of $13,300 or $1,662.50. (1/2 of the basis is claimed by your uncle, and the other 1/2 of the basis is split in 4 between you and your siblings).

Sale of inherited land between siblings

When you report your basis in the property, you will not report the full amount.

The basis of the total property is $13,300. The basis in your "portion" of the property is 1/8 of $13,300 or $1,662.50. (1/2 of the basis is claimed by your uncle, and the other 1/2 of the basis is split in 4 between you and your siblings).